The Elements of Your Brand
Your strategy
needs to focus on several key brand elements to succeed
How will you compete in the
branding game?
Branding your business is very much like a game. There are important
elements of your brand that translate into the world of competition.
You have an objective – to make
sales; a playing field - your
marketplace; opponents - competitors
in your market; strategies – your
marketing approach; specific plays - your
marketing tactics; and a winner - the
company that makes the most sales.
This game is constantly being played at every market for every product
or service. Just think of the titanic battles you see everyday --- Coke
vs. Pepsi, Microsoft vs. Apple, or Google vs. Yahoo.
Each of these companies are competing with variety of strategies and
tactics in hopes of defeating their rivals and dominate the market.
They battle each other using offensive and defensive plays in hopes
gaining the best position in the mind of the prospects. They
aggressively execute their brand marketing plans and seek to advance
their influence on the market until they score by reaching the coveted
sale.
Scoring a sale is the ultimate objective in the branding game. As a
small business this must be the focus of all of your branding efforts.
Your cannot afford the time and money that is required to do the
glamorous, image advertising like buying the naming rights for a
stadium or airing a thirty second Super Bowl ad. Your branding must
achieve results and sales are the only desirable outcome.
Th
brand game consists of several necessary key elements that define the
character of your brand. It’s
important to use these elements in combination to appeal to your target
market.
- Pricing –
this represents value; a higher price may imply higher quality, and
lower prices may suggest decreased value.
- Distribution –
how available your offering is; limited distribution of a product or
service may imply exclusivity and consumers may be willing to pay more.
- Quality –
this influences satisfaction; higher quality translates into more
satisfied customers who return again to purchase your offerings.
- Presence –
how prominent you are in the marketplace; a high-profile market
presence will lead to brand awareness and opportunities to sell.
- Reputation –
the market’s opinion of your brand character; this is built
over time and difficult to alter once established.
-
Image –
the perceptions of your brand by buyers; this is closely related to
your quality and reputation in the marketplace. Like reputation, image
is difficult to change once established.
-
Benefits –
the affect your product or service has on the consumer; positive
benefits are crucial to the product offering and to brand image and
reputation.
-
Positioning –
your differentiation from the competition, this is established by the
sum total of all of your branding strategy.
-
Preference –
the consumers predisposition to buy your product or service; this is
the foundation for building customer loyalty.
-
Customer
commitment –
the ultimate result of your branding strategy; loyalty is built through
relationships and close consumer contact.
As you can see, none of these elements costs a dime. They are attitudes
and approaches that convey who you are. Yet, unlike image advertising,
they are substantial, solid core values you must project in everything
that you do.
Large-scale, image advertising does play a key role in branding but
should left to companies that have money to burn. Always remember, that
you are an entrepreneur who invests their money wisely where it will
return measurable results.
Your
success will come down to how well you execute the plays of your
playbook and how much you sell; not how many people in recall your name
in a market survey. You must demand results from your branding and
focus on creating branding plays that only result in scores.
| Creating Your Branding
Strategy |
|
1. What's your Branding Strategy
A
branding strategy is the most overlooked part of a small business.
Without a strategy, you allow your competitors to dictate the character
of your brand in the market!
(more)
2. Branding Strategy:
Perception is Reality
You cannot control your brand you can only
influence it. Ultimately,
your prospects, clients, and customers control the
success of your branding.
(more)
3.
The Branding Process
Successful small businesses approach their brand marketing as a
critical process. What have you done to brand your business today?
(more)
4.
Elements of Your Brand
Your brand
identity consists of several key elements that define your offering.
It’s important to use these elements in combination to appeal
to your target market.
5. Critical Branding Questions
Not
sure where to start when creating your brand? Answer these important
questions to help with your brand strategy. (more)
6. Brand Marketing Resources
Find
brand marketing resources that will help you create you create brand
strategies to help your small business marketing succeed.
(more)
|
Coach
Ron's Recommended Resources:
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